Rep. Tom Price (R-GA) issued the following statement after Treasury Secretary Timothy Geithner announced the administration’s plans to further transition our market economy to a political economy where the government decides outcomes. The plan includes a commitment of up to $2 trillion, including the authority to create a “bad bank” to absorb toxic assets and make a public judgment of a financial institution’s worthiness.

“The first Wall Street bailout was a gross abuse of taxpayer dollars which did little to turn around our economy,” said Rep. Price. “Now, instead of moving to calm our markets with a TARP exit strategy, the administration plans to drop nearly $2 trillion to transition us to a political economy that will only further delay our recovery.

“Much needed capital remains on the sidelines of our economy and will not begin to flow until investors know the government is finished interjecting itself in the market. This misguided approach will only dig us further into debt and place a Washington Scarlet Letter on institutions which a federal bureaucracy deems unfit.

“Rather than committing hundreds of billions of public dollars to increase government involvement in our markets, we should seek a solution that provides taxpayer protection and embraces the principles that provided us our standing in the world. We must ensure our response to this crisis is one that preserves basic economic freedoms and leaves future generations free of the burden of bureaucratic involvement in the market.”